Rwanda Develops CBDC to Avoid Falling Behind, Central Bank Deputy Governor Says
According to Soraya Hakuziyaremenye, the Deputy Governor of the National Bank of Rwanda (NBR), the Rwandan apex bank aims to prevent any hindrance to trade between the African country and its trade partners due to a lack of digital currency
Rwanda is considering launching a Central Bank Digital Currency (CBDC) to stay ahead of the curve and avoid any obstacles to trade with its major trading partners. As stated by a deputy governor of the National Bank of Rwanda, the country must be prepared for digital currencies developed by its trading partners.
The Cost of Not Developing a CBDC
Rwanda is actively working towards launching its central bank digital currency (CBDC) to align with its major trading partners who are also exploring digital currencies. According to Soraya Hakuziyaremenye, the Deputy Governor of the National Bank of Rwanda (NBR), the Rwandan apex bank aims to prevent any hindrance to trade between the African country and its trade partners due to a lack of digital currency.
In an interview with a local media outlet, Hakuziyaremenye emphasized that if Rwandan companies face difficulties trading without a CBDC, this could negatively impact the private sector in both Rwanda and its trading partners. Additionally, Hakuziyaremenye highlighted the importance of Rwanda being prepared to accept other countries' digital currencies.
"There is also an imperative for the Central Bank to ensure that we are ready for innovations that are also experimented in other countries where we have trading relations and partnerships so that we are not at the tail end of such developments," Hakuziyaremenye said.
